The loosening of geographical and trade barriers has increased competition in every business manifold, forcing enterprises to crunch cost and production time to remain relevant. Digitizing the entire product lifecycle- from design and manufacture to maintenance and service - can help in this endeavor.
While designing new products or product lines, enterprises also need to keep refurbishing and renewing their long-lived assets by infusing them with new digital technologies to enable them to cater to new expectations. Technologies like the Internet of Things (IoT) fit this bill perfectly. Enterprises can leverage IoT capabilities to remotely monitor products and assets, prevent breakdowns and analyze data to optimize performance. Having such an in-depth view into each product or asset’s operation not just help improve efficiencies but also ensure security along with meeting compliance requirements.
IoT can also be used to explore new business models, as it makes previously impossible partnerships and propositions possible. The opportunity for every enterprise lies in leveraging the new possibilities created by these emerging technologies to amplify existing products and make them ready for the digital future.
With new competitors challenging incumbents in every business by offering better products and services cheaper, faster, and through vastly superior experiences, the need to cut down cost and response time has never been greater.